By Mauro Orru 
 

EDP Renovaveis SA said Tuesday that it would pursue a capital increase of around 1.5 billion euros ($1.81 billion) to partially fund its capital expenditure plans.

The Portuguese renewable-energy company said it has launched an accelerated bookbuild targeting gross proceeds of around EUR1.5 billion. The move comes as the company plans to spend around EUR19 billion in deploying about 20 gigawatts of renewables additions until 2025.

A proposal for a capital increase equal to the gross proceeds of the bookbuild will follow upon completion, the company added.

EDP Renovaveis will put forward a resolution at the General Shareholders Meeting to be held on or around April 12.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

March 02, 2021 13:01 ET (18:01 GMT)

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